STATE STREET CORP

State Street's March 31, 2026 13F shows the custodian-bank platform with $2.90 trillion under custody, where NVIDIA takes an outsized 5.98% single-name weight despite the filing's custodial mandate. The top-ten stack — NVDA, Apple, Microsoft, Amazon, Alphabet, Broadcom, Alphabet-class-C, Meta, Tesla, JPMorgan — runs to about 25% of the overall book, and once again heavy into AI supply-chain and platform names. Mark-to-market losses shaved roughly $84B from the tail of Q4 2025's $2.98T peak without altering the position hierarchy. From a data quality standpoint State Street illustrates why custodian filings need to be interpreted alongside 'active_manager' classification: this is overlap-weight from clients, not discretionary conviction.